According to the latest report by IMARC Group, titled, “GCC Ceramic Tiles Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The GCC ceramic tiles market size reached US$ 9.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.15% during 2023-2028.
Ceramic tiles refer to thin square or rectangular slabs used in the construction industry as flooring solutions in houses, offices, factories, shops, restaurants, etc. They are made from a mixture of clay, silica, dolomite, quartz, etc., which is molded and then permanently hardened by heat. Ceramic tiles offer substantial resistance against high temperatures, frost, fire, UV rays, etc. They are also highly durable, aesthetically pleasing, environmentally friendly, and have anti-skid and antibacterial properties. Ceramic tiles are extensively utilized in interior decoration and in hotels, hospitals, pharmaceutical manufacturing facilities, laboratories, etc.
GCC Ceramic Tiles Market Trends:
The expanding construction industry is primarily driving the GCC ceramic tiles market. In line with this, the growing investments by public and private firms across the region in several infrastructural development projects, such as wellness centers, shopping malls, community centers, office spaces, etc., are further propelling the market growth. Additionally, the rising demand for raw materials that cater to modern architectural styles is acting as another significant growth-inducing factor. Apart from this, the escalating need for sustainable practices in the construction industry is positively influencing the market growth, since ceramic tiles are comprised of naturally occurring materials and are manufactured via a process with limited carbon emissions. Furthermore, numerous product innovations, such as the development of anti-scratch and extra-light variants, are anticipated to bolster the GCC ceramic tiles market in the coming years.
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GCC Ceramic Tiles Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The report has segmented the market on the basis on on type and application.
Breakup by Type:
- Floor Tiles
- Wall Tiles
- Others
Breakup by Application:
- Residential Applications
- Commercial Applications
- Replacement Applications
Breakup by Country:
- Saudi Arabia
- UAE
- Qatar
- Oman
- Kuwait
- Bahrain
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
